“Facebook seems to be the antithesis of what actual consumers want their digital future to look like,” said Subversive Capital Advisor founder Michael Auerbach.
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An exchange-traded fund linked to Metaverse-related companies is launched on the Cboe BZX Exchange – shorting shares of Facebook’s parent company, Meta.
The Subversive Metaverse ETF, listed under the ticker PUNK, opened for trading at $25.15 on Thursday. The fund’s holdings include shares of Block – formerly Square – Google’s parent company Alphabet, Microsoft, Sony, GPU maker Nvidia, Coinbase Global, Galaxy Digital and online gaming platform Roblox. However, exposure to Meta — one of the largest tech companies in the world, with a market capitalization of $837 — is clearly absent in PUNK’s top stocks.
$ PUNK https://t.co/nBYPFrIKo8 pic.twitter.com/jAB2APsML9
– Michael Auerbach (@msauerbach) January 27, 2022
According to a report on Thursday by Bloomberg, Subversive Capital Advisor founder Michael Auerbach claims a reputation around Facebook’s parent company — purportedly based on reports that the company hasn’t done what it claims to be. regarding the removal of hate speech and posts that promote violence – making it unsuitable for an ETF. The fund holds a short position on 40 Meta shares, the only stock among the 59 companies that hold shares of the fund.
“Facebook seems to be the antithesis of what actual consumers want their digital future to look like,” says Auerbach. “Sign [Zuckerberg] and his team are not the best custodians of our digital future. ”
Christian Cooper, ETF portfolio manager, added:
“We want to make sure this industry grows, without being ‘Zucked’, from people who see the real potential of this space.”
Related: Meta reveals the AI Supercomputer metaverse, claims it will be the fastest in the world
At press time, the Metaverse ETF is trading at $24.74, down more than 2% since opening. In December, ETF issuer ProShares announced it had filed an application with the U.S. Securities and Exchange Commission to list shares of a fund that tracks the Solactive Metaverse Topic Index — with companies including Meta , Apple and Nvidia. However, there are also current listings for Metaverse-linked ETFs from Roundhill Ball, Evolve, Foundation, and Horizons across the US and Canada.